{"id":1216,"date":"2020-06-30T14:09:21","date_gmt":"2020-06-30T18:09:21","guid":{"rendered":"https:\/\/www.thewealthguardians.com\/staging\/3023\/?p=1216"},"modified":"2022-01-07T12:54:51","modified_gmt":"2022-01-07T17:54:51","slug":"6-most-overlooked-tax-deductions","status":"publish","type":"post","link":"https:\/\/www.thewealthguardians.com\/staging\/3023\/6-most-overlooked-tax-deductions\/","title":{"rendered":"6 Most Overlooked Tax Deductions"},"content":{"rendered":"

<\/p>\"\"\n

Who among us wants to pay the IRS more taxes than we have to?1<\/sup><\/p>\n

While few may raise their hands, Americans regularly overpay because they fail to take tax deductions for which they are eligible. Let\u2019s take a quick look at the six most overlooked opportunities to manage your tax bill.<\/p>\n

1. Reinvested Dividends:<\/strong>\u00a0When your mutual fund pays you a dividend or capital gains distribution, that income is a taxable event (unless the fund is held in a tax-deferred account, like an IRA). If you\u2019re like most fund owners, you reinvest these payments in additional shares of the fund. The tax trap lurks when you sell your mutual fund. If you fail to add the reinvested amounts back into the investment\u2019s cost basis, it can result in double taxation of those dividends.2<\/sup><\/p>\n

Mutual funds are sold only by prospectus. Please consider the charges, risks, expenses, and investment objectives carefully before investing. A prospectus containing this and other information about the investment company can be obtained from your financial professional. Read it carefully before you invest or send money.<\/em><\/p>\n

\"\"<\/p>\n

>>>CLICK HERE TO GET YOUR COPY OF OUR FREE GUIDE<\/em><\/strong><\/a><\/p>\n

2. Job Hunting Costs:<\/strong> A tough job market may mean you are looking far and wide for employment. The costs of that search\u2014transportation, food and lodging for overnight stays, cab fares, personal car use and even printing resumes\u2014may be considered tax-deductible expenses, provided the search is not for your first job.<\/p>\n

3. Out-of-Pocket Charity:<\/strong> It\u2019s not just cash donations that are deductible. If you donate goods or use your personal car for charitable work, these are potential tax deductions. Just be sure to get a receipt for any amount over $250.<\/p>\n

4. State Taxes:<\/strong> Did you owe state taxes when you filed your previous year\u2019s tax returns? If you did, don\u2019t forget to include this payment as a tax deduction on your current year\u2019s tax return. The Tax Cuts and Jobs Act of 2017 placed a $10,000 cap on the state and local tax deduction.<\/p>\n

5. Medicare Premiums:<\/strong> If you are self-employed (and not covered by an employer plan or your spouse\u2019s plan), you may be eligible to deduct premiums paid for Medicare Parts B and D, Medigap insurance and Medicare Advantage Plan. This deduction is available regardless of whether you itemize deductions or not.<\/p>\n

6. Income in Respect of a Decedent:<\/strong>\u00a0If you\u2019ve inherited an IRA or pension, you may be able to deduct any estate tax paid by the IRA owner from the taxes due on the withdrawals you take from the inherited account.3<\/sup><\/p>\n

Navigating the increasingly complex tax environment can be a daunting task to manage alone. But planning well in advance can enable you to take advantage of the opportunities and benefits available under the new tax code.<\/p>\n

We are here to collaboratively help you overcome any barriers you may have when it comes to tax preparation. Give us a call at our Charlotte office at (704) 248-8549, or our Clemmons office at (336) 391-3409.<\/p>\n

\n

1. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.
\n2. Under the SECURE Act, in most circumstances, you must begin taking required minimum distributions from your 401(k) in the year you turn 72. Withdrawals from your 401(k) or other defined contribution plans are taxed as ordinary income, and if taken before age 59\u00bd, may be subject to a 10% federal income tax penalty.
\n3. Under the SECURE Act, in most circumstances, once you reach age 72, you must begin taking required minimum distributions from a Traditional Individual Retirement Account (IRA). Withdrawals from Traditional IRAs are taxed as ordinary income and, if taken before age 59\u00bd, may be subject to a 10% federal income tax penalty. You may continue to contribute to a Traditional IRA past age 70\u00bd under the SECURE Act as long as you meet the earned-income requirement.<\/p>\n

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest.\u00a0FMG\u00a0Suite\u00a0is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm.\u00a0The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2020 FMG Suite.<\/p>\n

<\/p>\n<\/body>","protected":false},"excerpt":{"rendered":"

Who among us wants to pay the IRS more taxes than we have to?1 While few may raise their hands, Americans regularly overpay because they fail to take tax deductions for which they are eligible. 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